Definition of gazump in English:
verb[with object] British
- Yes, it sounds as if the modern digital cellular service has already gazumped the WiFi network idea.
- That committee finally reported last Friday, but the Government had already gazumped it.
- Whereas gazumping gave sellers the upper hand, allowing them to accept 11 th hour bids above the original offer, gazundering turns the tables on them.
These days we associate gazumping with the buying and selling of houses, a use that dates from the 1970s. It now means ‘to raise the price of a house after accepting an offer from a prospective buyer’, but in the early 20th century it simply meant ‘to swindle’, deriving from Yiddish gezumph ‘to overcharge’. In the late 1980s the opposite term gazunder (a combination of gazump and under) was coined to describe the practice of lowering the amount of an offer that the seller has already accepted while threatening to withdraw if the new offer is not accepted.
- Example sentences
- In Britain we are the worst gazumpers in Europe, with about one in three buyers falling victim.
- Ward off gazumpers and make vendors feel morally bound to proceed, by keeping in touch with everyone involved.
- When prices are rising so quickly, there's plenty of room for a gazumper to step in and offer the buyer a better deal.
Definition of gazump in:
- British & World English dictionary
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